The Irn-Bru Third Division club are to seek admission to the Alternative Investment Market of the London Stock Exchange, as reported in later editions of yesterday's Evening Times.
It is part of the re-alignment of the club's finances following the liquidation of the 'oldco' club and the acquisition of its assets by Green's consortium for £5.5m in the summer.
A statement claimed the funds raised will be used for "strengthening the player squad, improving and developing the club's properties and providing additional working capital".
The Ibrox club's chief executive, who values Rangers at £25-30m, hopes to have their admission to the AIM completed by the end of November.
However, the viability of the proposal could be questioned, not least because of the financial climate, the minimum share outlay of £500, and the fact that one of Rangers' former owners, Sir David Murray, underwrote a £50m-plus share issue in 2004.
Green will not underwrite this coming share issue as such, but said: "My personal view is that the figure is low.
"But if we don't raise £20m then I will buy whatever the shortfall is. I've listed or floated maybe 30 companies and done fundraising as well.
"There's not been anything underwritten in London in the past seven or eight years to my knowledge. Whenever it occurs, someone takes a fee for it.
"I'd be happy to underwrite it but the reality is we don't need to underwrite it as there will be no shares left over.
"But if they're not taken up, of course we'll take them. Why wouldn't we? We did it in May when there was nothing to buy. There was no guarantee we would ever play football again."
Despite the attempt to raise more revenue, Green claims the club's current business model is "sustainable", as he revealed he was in negotiations with sports goods companies Adidas, Puma and Warrior, following an earlier agreement with Sports Direct over selling club merchandise.
"When we were put into the Third Division I should probably have made 25% of the staff redundant but we haven't done that," the former Sheffield United chief executive said.
"The board and the investors were happy to take on these costs, but going forward the reality is there is a sustainable model because the wage bill is dramatically down.
"The assumption is that, with 36,000 season ticket holders, why would we have less next year?
"So if we take those assumptions, add on more sponsorship and income we will get from our media deals because we are in the football league, then Rangers is a stand-alone business that makes profit."
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